Demand Forecasting
Inventory management is often an exercise in predicting how customers will respond in the future. By predicting purchase behavior the marketer can respond by making sure the right amount of product is available. For most large-scale resellers effective inventory forecasting requires the use of sophisticated statistical tools that look at many variables, such as past purchase history, amount of promotional effort that triggers an increase in customer ordering, and other market criteria to determine how much of the product will be needed to meet customer demand.
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